How much money can you have in the bank before it affects your age pension in Australia?
Assets Test A single homeowner can have up to $593,000 of assessable assets and receive a part pension – for a single non-homeowner the lower threshold is $809,500. For a couple, the higher threshold to $891,500 for a homeowner and $1,108,000 for a non-homeowner.
Will there be an age pension stop in Australia?
On 1 July 2021, Age Pension age increased to 66 years and 6 months for people born from 1 July 1955 to 31 December 1956, inclusive. If your birthdate is on or after 1 January 1957, you’ll have to wait until you turn 67. This will be the Age Pension age from 1 July 2023.
Will aged pensioners get a rise in 2021?
From 20 September 2021 the maximum full Age Pension increases $14.80 per fortnight for a single person, and $11.20 per person per fortnight for a couple.
What’s the purpose of the age pension in Australia?
Purpose of Payment/Benefit. The Age Pension is designed to provide income support to older Australians who need it, while encouraging pensioners to maximise their overall incomes. The Age Pension is paid to people who meet age and residency requirements, subject to a means test.
How do I apply for an age pension?
Our simple 3 step process to apply for an Age Pension: Come see our experienced consultant for an hour appointment. They will carefully run through your individual circumstances, taking into account your current income and assets to establish the rate of Age Pension you should expect to receive.
Where is Age Pension Solutions in Keysborough Vic?
Postal Address: PO Box 4174, Dandenong South VIC 3164 Office Address: 27 Keysborough Close, Keysborough VIC (see Google Map below) © Copyright 2017 Age Pension Solutions.
Who is responsible for payment of age pension?
The single rate of pension is two-thirds of the couple rate. For Age Pension rates refer to the Department of Human Services. Further information. Most Age Pension payments are made by Department of Human Services (DHS).